Learn How Manufacturing Enters The Digital Age
The Internet has created a digital age, and with it, a digital economy. It has created an opportunity for small to midsize companies to develop a global presence online that used to be impossible, creating competition from unlikely companies.
Manufacturers have been collecting floor data for decades, but much of that data has been underutilized for the value that it holds. With the Internet also came the Internet of Things (IoT). If taken advantage of, this gives manufacturers the opportunity to monitor each individual product post purchase.
Connecting to devices or equipment, or creating smart products, also provides manufacturers with a possibility to generate new revenue. Retaining ownership of the data you collect via remote monitoring gives the manufacturer the option to push their business in a new direction. Through your data, you may realize that the best way to increase revenue is to decrease the initial price and offer anticipated service repairs for the product.
This data can both help to grow and protect your company. We have seen whole industries be sideswiped over and over again in the digital age; the video rental industry by Netflix and the taxi industry by Uber are just two examples. Protecting one business does not have to mean inventing the new thing before anyone else, it just means anticipating change by growing your business past merely making and selling something. It could be as simple as connecting sensors in your products and connecting them to the cloud to monitor usage.
We suspect businesses are less prepared for the digital economy than they think. Netsuite offers the tools to help manufacturers utilize the technology needed to stay on top and profitable in this digital economy. To learn more about how to grow and protect your business through smart data, download The Connected Manufacturer white paper.
Learn more about Netsuite for manufacturers.